Both EU and GU finally corrected some last week, but the question is, if it was a trend turnaround or just a correction. On the monthly chart, they are both strongly bullish and this month, even if bearish, is only in the middle. So we will need to wait until the month’s end to see how the final candle looks like. For now, friday’s move was a little overextended, so I am expecting both EU and GU to go up early next week. The drop on friday didn’t make much technical sense, but it was friday and that day rarely makes a sense, anyway. US data was beyond horrible, but someone big just kept selling, so it didn’t make a difference. I am expecting EU to go back above 900 and GU to go back above 2500, before its more clear, if bulls want to continue upwards or if bears take over again. No big news until thursday, with unemployment data and friday with Powell’s speech, so market will probably get into some position before that.
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